Oakville: According to figures released by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORS® decreased 38.6 percent for Single Family homes and 32.7 percent for Townhouse/Condo homes compared to June 2021.
The Median Sales Price decreased 3.1 percent to $1,385,000 for Single Family homes but increased 7.7 percent to $835,000 for Townhouse/Condo homes.
The total number of new property listings increased 18.0 percent for Single Family homes and 23.1 percent for Townhouse/Condo homes compared to this time last year.
For homes processed through the OMDREB MLS® system, the number of days on market increased 33.3 percent for Single Family homes and 45.5 percent for Townhouse/Condo homes in June 2022.
Year over year, Inventory increased 111.4 percent for Single Family homes and 115.3 percent for Townhouse/Condo homes.
“The market has shown some correction due to the increasing cost of borrowing, a slowdown in sales, and the impact of the typical summer months when people have different priorities.
Buyers are still actively looking to purchase when possible, but due to economic uncertainty, may temporarily sit on the sidelines. The Bank of Canada has given the indication that more interest rate hikes are on the horizon, which could continue the slow and steady market stability trends we have been seeing over the last number of months.” says OMDREB President Vishal Kapoor.
“Current conditions remain tight for some, and this will impact the rental market moving forward. Rentals are expected to see growth from those who need a place to live but are not ready to become homebuyers at the present time.” continues Kapoor.
He adds, “While it is good to see things moving in the right direction for consumers, we are not at optimal conditions just yet. The Oakville, Milton and District Real Estate Board and its’ members actively advocate for the future approval of new and more diverse housing types to tackle the supply challenge. We will continue to work with all levels of government to ensure that Oakville, Milton, and Halton Hills homebuyers have the inventory they need to make their next home purchase at a price that is right for them.”
OMDREB represents over 2,100 REALTORS® who serve Oakville, Milton, Halton Hills and surrounding areas. OMDREB serves its members through a variety of support and services, including professional development, technology and advocacy.